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FG has paid $5.4bn Paris Club refund to states

A total amount of $5.4bn has so far been paid to states by the Federal Government for settlement of the Paris Club Refund.

The Minister of Finance, Mrs Zainab Ahmed, confirmed the release on Monday in Abuja.

The $5.4bn when converted based on the N305 per dollar official exchange rate of the Central Bank of Nigeria is about N1.65trn.

The Paris Club Refund was released to states in phases based on some conditions.

Some of the conditions are that salaries must be paid, states must be committed to the repayment of Budget Support Loans granted in 2016 and clearing of amounts due to the Presidential Fertiliser Initiative.

Other conditions are a commitment to clearing matching grants from the Universal Basic Education Commission where some States have available funds which could be used to improve primary education.